Illinois Legislators Pass Bill for Auto-Renewal of Senior Exemption
A bill awaiting the governor’s signature will make it easier for property owners age 65 or older to get the senior tax exemption credit, which reduces the equalized assessed value of a home by $8,000.
The exemption saves eligible property owners an average of $300 in taxes, but last year the Cook County Treasurer’s Office reported that “as many as 31,000” eligible seniors in Cook County” had failed to reapply. The new bill would make the process automatic.
Under existing law, seniors have to reapply for the exemption every year.
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